MajorsDec 14, 2022
Pandora Will Relocate North American HQ to NYC from BaltimoreFinancialsFeb 08, 2023
Pandora to Open More Stores, Expand Lab-Grown Diamond Line
In its full-year results, the Danish jeweler outlined its plans for the year ahead.
In Pandora’s full-year results, announced Wednesday morning, the company posted revenue growth of 13 percent year-over-year.
Copenhagen, Denmark—Pandora posted a strong finish to its fiscal year, reporting growth in its fourth quarter and for the full year despite macroeconomic issues.
The Danish jeweler is looking to the year ahead with cautious optimism, outlining its plans for new stores and an expansion of its lab-grown diamond jewelry line, Diamonds by Pandora.
“We ended 2022 on a high note. Despite the macroeconomic pressure on consumers and COVID-19 headwinds in China, we continue to deliver solid growth vs. pre-pandemic levels,” said CEO Alexander Lacik.
Its price adjustment on select items, announced in November, proved successful, said Pandora, with “positive” financial impact.
Fourth-quarter revenue was up 9 percent year-over-year to 9.9 billion Danish kroner ($1.4 billion) compared with 9 billion Danish kroner ($1.3 billion) in the fourth quarter last year.
It reported organic sales growth of 4 percent year-over-year, down from 10 percent last Q4, while its sell-out growth (sales in Pandora-owned and -operated stores) slipped 1 percent, down from 11 percent in the prior period.
Sell-out growth was negatively impacted in part by the fire in Pandora’s European distribution center in Hamburg, Germany in October 2022.
For the full-year, revenue was up 13 percent year-over-year to 26.5 billion Danish kroner ($3.8 billion) compared with 23.4 billion Danish kroner ($3.4 billion) in 2021.
Full-year organic sales growth was up 7 percent year-over-year, down from 23 percent in 2021 but ahead of its forecast of 4 to 6 percent growth. Its sell-out growth fell 4 percent, down from 20 percent in the prior period.
Related stories will be right here …
The Danish jeweler is looking to the year ahead with cautious optimism, outlining its plans for new stores and an expansion of its lab-grown diamond jewelry line, Diamonds by Pandora.
“We ended 2022 on a high note. Despite the macroeconomic pressure on consumers and COVID-19 headwinds in China, we continue to deliver solid growth vs. pre-pandemic levels,” said CEO Alexander Lacik.
Its price adjustment on select items, announced in November, proved successful, said Pandora, with “positive” financial impact.
Fourth-quarter revenue was up 9 percent year-over-year to 9.9 billion Danish kroner ($1.4 billion) compared with 9 billion Danish kroner ($1.3 billion) in the fourth quarter last year.
It reported organic sales growth of 4 percent year-over-year, down from 10 percent last Q4, while its sell-out growth (sales in Pandora-owned and -operated stores) slipped 1 percent, down from 11 percent in the prior period.
Sell-out growth was negatively impacted in part by the fire in Pandora’s European distribution center in Hamburg, Germany in October 2022.
For the full-year, revenue was up 13 percent year-over-year to 26.5 billion Danish kroner ($3.8 billion) compared with 23.4 billion Danish kroner ($3.4 billion) in 2021.
Full-year organic sales growth was up 7 percent year-over-year, down from 23 percent in 2021 but ahead of its forecast of 4 to 6 percent growth. Its sell-out growth fell 4 percent, down from 20 percent in the prior period.
By sales channel, Pandora-owned physical retail stores saw sales up 24 percent year-over-year in the quarter and up 36 percent for the full year.
Online sales were flat in the fourth quarter and fell 6 percent for the year. Wholesale sales were down 5 percent in the fourth quarter and slipped 2 percent for the full year.
In the U.S., Pandora's largest market by revenue, quarterly sales were up 12 percent year-over-year while full-year sales were up 13 percent.
In 2022, Pandora opened 88 concept stores, mainly in the U.S. and China.
The company plans to open even more, eyeing approximately 140 to 190 openings in combined 2022 and 2023, well above the initial 100-150 openings it forecast at its Capital Markets Day in September 2021.
As for its jewelry, its “Moments” collections performed well, as did its “Diamonds by Pandora” lab-grown jewelry line, which got its start in the U.K. before launching in North America last year.
Its North American debut has been going to plan, said the company, with new collections in the works for this year. Half of the line’s purchases are from new customers and its lab-grown rings are the top performers, it said.
The company plans to bring the collection to new markets, though did not specify where the line would head next.
Pandora also noted it’s on track to meet its “green” goals, noting 61 percent of its silver and gold came from recycled sources in 2022. Its goal is 100 percent by 2025.
Looking to the year ahead, Pandora said it remains confident in its ability to navigate the “uncertain environment” while working on its strategic priorities.
It expects to see organic growth falling or rising as much as 3 percent with an EBIT margin around 25 percent.
“Current trading in 2023 has been solid with a good, broad-based pick-up in sell-out growth. This is somewhat helped by an easier comparative base due to Omicron and earlier product launches than last year,” said Pandora, adding it is “pleased” that trading has been in line with its Q4 progress.
“We have started 2023 well and are confident that the transformation of the brand over the past few years puts Pandora in a good position to manage adversity and emerge stronger,” said Lacik.
Editors' Picks
Sponsored by
More on Financials
The Latest
PodcastsOct 21, 2026
Episode 10: This Episode Is Haunted Diana Singer shared the stories of two “cursed” diamonds on this month’s podcast, which was inexplicably riddled with technical issues.
IndependentsOct 21, 2026
Gardner-Collier Jewelry to Close After 9 Decades in BusinessThe family-owned jeweler has three locations across Missouri and Iowa.
SourcingOct 21, 2026
Venetia Mines Final Carats Ahead of 2-Year ShutdownThe De Beers-owned diamond mine in South Africa is being put on ice as part of a round of previously announced cost-cutting measures.
Brought to you by
A Diamond Is Forever Launches 2026 Holiday Campaign Championing Natural DiamondsA Diamond Is Forever's holiday campaign reimagines natural diamond icons for a new generation celebrating individuality.
CollectionsOct 21, 2026
Helzberg, Nordstrom Carrying New Jewelry Collection From Off-WhiteThe collection centers designs with clean geometric lines, chunky sculptural pieces, and recognizable details from the luxury fashion brand.
Weekly QuizOct 15, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingOct 21, 2026
Gemfields’ Mixed-Quality Ruby Auction Earns $52MThe miner said it saw particularly strong prices for larger, fine-quality rubies at the sale.
CrimeOct 20, 2026
Security Guard Charged With Murder in Shooting at Texas MallThe guard opened fire on a man who was smashing a jewelry display case at La Gran Plaza in Fort Worth last week, police said.
Brought to you by
Open an Account, Get $50 Off Your First Order. No Code Needed.Built on Relationships. Refined by Craft.
IndependentsOct 20, 2026
David Gardner’s Jewelers Unveils Newly Expanded, Revamped ShowroomThe Texas jeweler added 2,000 square feet to its reimagined showroom, complete with a new design studio and an event space.
SourcingOct 20, 2026
The $50M Victoria’s Secret ‘Fantasy Bra’ By The NumbersJacob & Co.'s diamond masterpiece is the most expensive Fantasy Bra ever worn on the Victoria’s Secret Fashion Show runway.
CollectionsOct 20, 2026
Mignon Faget’s Collection Chooses Handmade Over AIThe “Atelier” collection was inspired by the tools, rituals, and objects in an artist’s studio as a quiet rebuttal to an automated world.
MajorsOct 19, 2026
The Knot to Acquire Rival Wedding Planning Platform ZolaThe pending acquisition is an “exciting opportunity” for wedding vendors to grow their business, said The Knot Worldwide’s CEO.
SourcingOct 19, 2026
Jewelry Design Competition Show Airs in Thailand"The Secret Gems" features eight Thai jewelry brands paired with a team of young craftspeople who create jewelry together to win challenges.
CollectionsOct 19, 2026
John Hardy Enters the Medallion Chat With Talisman Collection The brand’s “Modern Talisman” capsule collection introduces pendants inspired by the mythology, natural world, and spiritual ethos of Bali.
IndependentsOct 19, 2026
The Stories of 5 Jewelers Celebrating Their Centennials in 2026Independent jewelers from New Mexico to New Jersey answer the question: What has kept your store in business for 100 years?
SurveysOct 16, 2026
How Inflation, Gas Prices Will Affect Holiday Sales The NRF is expecting holiday sales to increase this year, but consumers and retailers alike are facing Grinch-like headwinds.
CollectionsOct 16, 2026
Christina Puchi’s Earrings Hold the UniverseOur Piece of the Week gathers the planets, represented by a variety of colored gemstones, in a pair of 14-karat yellow gold earrings.
IndependentsOct 16, 2026
Reeds Jewelers Expands, Relocates FlagshipThe New York-based jeweler is moving its Amherst flagship store to a larger location in nearby Snyder.
MajorsOct 16, 2026
Katy Chen Appointed Executive Vice President of Graff USA Chen, who worked at Cartier and Tiffany & Co., will lead retail sales and operations for the luxury jeweler’s 11 U.S. stores.
IndependentsOct 15, 2026
Retailer Hall of Fame 2026: Amy and Elise Greenberg For 40 years, sisters Amy and Elise Greenberg have helmed their 126-year-old family business, leading with appreciation and integrity.
ColumnistsOct 15, 2026
Peter Smith: What Is the Culture REP?It’s a term Smith coined and felt compelled to share following a bad experience with an aborted flight and an unfeeling flight attendant.
WatchesOct 15, 2026
Stephanie Gottlieb’s New Movado Watches Are Made for Your Wrist StackMovado teamed up with the New York-based fine jewelry designer on a new collection of Movado Museum Velura watches.
SourcingOct 15, 2026
Signet Jewelers, Richemont May Join Bidder for De Beers, Report SaysThe two companies are reportedly in talks to join the Global Diamond Consortium, led by former De Beers CEO Gareth Penny, as per Bloomberg.
CollectionsOct 15, 2026
Wolf x Marla Aaron's New Jewelry Box Is for Some (Not All) of Your ThingsThe “Some of the Things” box follows the two larger “Everything” box designs with the look and function of antique sewing and toolboxes.
IndependentsOct 14, 2026
Retailer Hall of Fame 2026: Coleman and Mitchell ClarkFourth-generation jewelers Coleman and Mitchell Clark exemplify the best qualities of their predecessors: humility, modesty, and confidence.
SourcingOct 14, 2026
Manuel Marcial de Gomar, ‘The Emerald Whisperer,’ Dies at 90The gem hunter, whose 70-year career was defined by adventure and exploration, is remembered for his steadfast faith and sense of wonder.
Events & AwardsOct 14, 2026
Chicago Responsible Jewelry Conference Releases 2026 ProgramThis year’s sessions feature leading voices from human rights, legal, and conservation organizations.
